nearly half of low-income families are believed to be in debt distress alreadyThe Bank of Englands warning that it plans to raise interest rates from as early as May will hit millions of low-income families who have only survived financially for a decade by using cheap credit.
The Resolution Foundation said nearly half of low-income families were in debt distress before Threadneedle Street said final week that it needed to increase the base rate at an accelerated pace over the next two years.
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Source: theguardian.com